AUD/USD – 1H – SELLThe currency pair Australian Dollar/US Dollar (AUD/USD) jumps from the descending trendline downwards
A continuation of the downward movement down to the next support level at 0.64841 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 0.65441 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.65815 |
| 2nd High | 0.65457 |
| Next High | 0.65441 |
| Current Price | 0.65087 |
| Next Low | 0.64841 |
| 2nd Low | 0.64819 |
| 3rd Low | 0.64476 |
Trading Signals: FOREX – AUD – AUD/USD – USD – Bearish Engulfing